PeakMetrics Affordability Report: May 2024

Report Summary: 

PeakMetrics quantifies and characterizes narratives in the online ecosystem. By analyzing mentions on X (Twitter) and Reddit, PeakMetrics identified the prevailing themes regarding affordability in May 2024. The conversation was predominantly negative, with housing costs dominating the discourse. Housing concerns were followed by mentions of gas and grocery costs. Gas prices emerged as the most volatile and politically charged issue, while grocery costs, though currently less mentioned, may see a significant increase this summer.

Key Findings: 

• PeakMetrics detected 7 top narratives on affordability on Twitter and Reddit over the past month. 5 of the 7 top narratives were overwhelmingly negative.

• The majority of these top affordability narratives focused on housing over other concerns. 
• Inflation was closely tied to affordability in these narratives, and the Biden-Harris administration faced specific criticism online.

• In the context of the broader affordability crisis, housing narratives were largely negative. However, when online discussions were limited to just housing costs, a surprising number of top narratives focused on political solutions — from President Biden’s tax credit plan to a bill limiting hedge funds.
• Grocery prices mentions are picking up steam heading in the summer. Be mindful that grocery costs narratives increasingly focused on blaming corporate greed — rather than inflation and related affordability issues.

• Among May 2024 affordability cost mentions around housing, gas and groceries:

• Housing - 50%
• Gas - 38% 
• Groceries - 12%

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